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Another India-based cryptocurrency exchange, Cryptokart, is shutting its doors after anti-crypto maneuvers of the Indian government.
The crypto industry has hit a major hurdle in India since the law to ban virtual currencies has been proposed. The draft titled Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 stipulated a penalty of up to 10 years imprisonment for anyone caught mining, generating, holding, selling, transferring, disposing, issuing, or dealing with crypto in any form.
This strict penalty must have tied the hands of crypto traders and enthusiasts in the country as crypto exchanges keep shutting down every now and again.
The latest in the shut-down spree is Cryptokart, an India-based crypto exchange headed by the founder Gaurang Poddar. Poddar, pained by the turn of event, took to his LinkedIn page to announce the end of the cryptocurrency exchange. In his post, he explained that “the general interest in crypto in India has tanked. And the government isn’t going to introduce any regulations and leave it grey for a while.”
Torn by the uncertainties the future holds, Poddar added that “while it is difficult, given the hard work we’ve put in, it’s been a great experience and I am glad to have gotten to work with such a talented and passionate team and proud of the platform we’ve built.”
The Indian Government Vs the Crypto Industry
This is, indeed, a hard time for the crypto community in India. Just last month, another large crypto exchange by the name Koinex, which was based in Mumbai, had to shut down operations due to fast-declining interest in crypto. The company, which claimed to have executed over 20 million orders and boasts a customer base of over 1 million users, with a trading volume of more than $3 billion was one of the largest digital asset exchanges in India. This shows that no one is exempted from the clutches of the Indian government. There is no place to hide!
Despite setting up a committee to look into the crypto market and possibly create a particular national crypto coin, Indian’s government doesn’t seem to be relenting on its firm stand against the crypto industry. As a matter of fact, the Union Minister Anurag Thakur reiterated earlier in the month that virtual currencies are not recognized in as legal tenders.
You will recall that the government created an Inter-Ministerial Committee (IMC) to carefully analyze the case before deciding whether or not crypto trading will be allowed in the country. The committee was also tasked with the responsibility of discussing the pros and cons of introducing an official virtual currency in the country.